According to current data Chainlink (LINK) and its market environment theoretically have been in a bullish cycle in recent months. In recent weeks, Chainlink has seen a lot of growth following a fast recovery from 0.000362BTC of February 26 low. This rebound led Chainlink to nearly hit a 0.000500BTC psychological level over the weekend before breaking to 0.000547BTC level at ATH today. Last week, the Ethereum Classic Labs team announced a collaboration that is critical for the adoption of Chainlink (LINK).
* After a breakthrough past the level of psychological resistance at 0.000500BTC, LINK confirms the validation of the bull trend
* As Chainlink continues to grow, near term support is established at 0.000450BTC
* Chainlink (LINK) Price may rise 24% as project collaborates with Ethereum Classic (ETC)
Resistance Levels: 0.000600BTC, 0.000585BTC, 0.000550BTC
Support Levels: 0.000450BTC, 0.000362BTC, 0.000241BTC
LINK/BTC Daily Chart: Bullish
LINK confirms today that the initial psychological resistance level has been invalidated after breaking past the initial level of 0.000500BTC yesterday to record a fresh ATH at 0.000547BTC. If the price continues to increase, there is a near term resistance at 0.000550BTC. This increase may usher in the price to 0.000585BTC shortly.
Another panic on the market can emerge from a reverse move. The primary support is located at 0.000450BTC– two days near term low. In this situation, the next biggest support on the daily chart is the 0.000362BTC grey zone, around the 50 moving average.
LINK/BTC 4-Hours Chart: Bullish
As reported recently on Kryptomoney.com of 1 March 2020, LINK/BTC had risen from its low of 0.000362BTC to hit this recent surprising price feat, towards the price level of 0.000550BTC, which further validates the market with strong bullish momentum.
In any case, a rising trendline line is right now being driven by the LINK/BTC pair bulls, driven by horizontal support levels of 0.000450BTC, 0.000362BTC, 0.000241BTC where price have bottomed since January. If Chainlink attempts to break under these level lines of support, we may begin considering a long term bearish outlook. However, as it presently stands, the bulls are picking up market control.
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